Continental Airlines rescinds fare increase

/ Source: The Associated Press

Continental Airlines Inc. on Monday again rescinded a fare hike, after trying more than a dozen times to boost overall fares.

Earlier this month, the Houston airline raised fares worldwide by $10 or $20 one-way, depending on the length of the flights. The airline said at the time it is suffering because of high fuel costs, but intense airline competition has left the carriers unable to pass along fuel costs to customers.

"If we are not successful in passing along these exorbitant fuel costs through higher fares, we will ultimately be forced to seek significant wage and benefit concessions and furloughs ... in order to survive," chief Executive Gordon Bethune said in a statement earlier this month.